"Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.a) today released fourth quarter and full year results for the period ended December 28, 2013.

"The ongoing transformation of our company is resulting in significant momentum and record results for our businesses," said Stephen Wetmore, Chief Executive Officer, Canadian Tire Corporation, Limited. "We have made significant investments to bolster key heritage categories, our team is executing very well and our marketing initiatives are strengthening our brands and having a tremendous impact with our customers. I am proud of our entire team - our corporate employees, dealers and store staff - for delivering the best fourth quarter in our history."

FOURTH QUARTER

Consolidated retail sales in the fourth quarter increased 5.5% to $4.0 billion and consolidated revenue increased 5.1% to $3.3 billion over the same period last year. Diluted earnings per share (EPS) attributable to owners of the Company of $2.32 were up 16.4% in the fourth quarter compared to the same period the prior year. Normalizing for the one-time costs related to the formation of CT REIT in 2013 and for restructuring, banner rationalization, tax and tax provision adjustments in 2012, diluted EPS attributable to owners of the Company were $2.35, an increase of 9.8% over the same period last year. The earnings growth largely reflects strong top-line revenue and gross margin contributions from both the Retail and Financial Services segments.

FULL YEAR

Consolidated retail sales for the full year increased 3.1% to $13.2 billion due to sales growth from incremental promotional events and campaigns and a positive customer response to new assortments and merchandising efforts, such as the ProShop concept in Canadian Tire stores. Seasonal winter weather also helped to drive the increase in sales over 2012. Consolidated revenue increased 3.1% to $11.8 billion, largely a result of higher shipments to Canadian Tire stores and increased sales across all retail banners. Diluted earnings per share attributable to owners of the Company for the year increased 13.3% to $6.91. Normalizing for the one-time costs, diluted EPS attributable to owners of the Company were $7.02, an increase of 8.8% over the prior year's normalized earnings.